(MENAFN- ProactiveInvestors - Australia) Hill End Gold (ASX: HEG) non-executive director Bruce Thomas has increased his shareholding with the acquisition of 4.55 million shares in on-market purchases.
Thomas paid a total of $51,172.07 for the shares, or an average consideration of $0.011 per share.
He now holds 16 million shares and 2.5 million unlisted options exercisable at $0.05 and expiring 29 November 2017.
Hill End has recently confirmed the extent of mineralisation and increased the strike length to 400 metres north of the existing 221,000 ounce resource at its Hargraves Project in New South Wales.
Notable results from drilling include 6 metres at 1.6g/t gold from 39 metres, 1 metre at 13.7g/t gold from 12 metres and 3 metres at 3.2g/t gold from 36 metres.
Additionally, detailed structural logging and geological modelling of the entire Big Nugget Prospect has confirmed the continuity of the higher gold grade zones at the intersection of folded bedding-parallel quartz veins with steeply west-dipping faults.
The strike and dip of the feeder faults is slightly discordant with the strike of the folds, which creates extensive mineralised regions containing these higher grade shoots.
The updated geological model provides an indication of the continuity of the high grade zones along strike and is providing additional drill targets.
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